chart suggesting $26-40 support?, page-9

re: $26.40 -commy,alpha etal Commy, Alpha

Just like to say well done to those who picked $26-40 support for NAB. Only 2cents out for banking stock is pretty good I reckon.

I have been running off $20.00 as the base, and $36.78 as the high. $26-40 of course was 61.8%. It has been a soft landing, I don't really know what to draw from that. It certainly isn't good if one is long. This might well be the bottom, but options expiry may have played a significant part in the recent days' action.

So where does NAB go to if $26-40 is broken?
Lately I have been finding the 78.6% fib no. extremely useful. 78.6% is not used very often, I know, but it IS a 5th fibonnaci number - funny its not included in most charting packages!

Anyway, 78.6% of the above range (36-78 to 20-00)comes in at $23-70 which correlates fairly closely with
the $23-80 base Alpha was working off as 100% or a double bottom?? I couldn't bring up Alpha's chart earlier in the thread - so not exactly sure.

Further correlation - go back as far as '96 when NAB had its last full 61.8% retracement at $11-10 and use this as the base, with $36-78 as high. On the way down there is 50% fib at $23-85.

Too good to pass up these numbers. A break below $26-40 is a short - pure and simple...




Cheers,



Christian